Removing current partner from mortgage

Clucknorris

Hi,

I currently am in a joint mortgage with my partner and have been trying to borrow an extra 30k for various home improvements etc. All was going well until my partner failed a credit check and that was the end of that. She doesn't contribute anything to the mortgage it is entirely from my wage, so the mortgage advisor said taking her name off the mortgage would probably be the best thing to do, as my credit score is good. But now he's telling me we can't remove her name as she still lives in the house?

Does anyone know about this or have any advice on how to get round it? I don't know why her credit matters anyway I pay for everything.

Thanks in advance

chelseablue

Is she named on the deeds as an owner?

MataNui

If she is on the deeds then you cant. It would mean if you defaulted the bank wouldnt have the legal right to repossess the house since the (an) owner of the house wouldnt have any responsibility for the debt.

If she is not on the deeds then there is a standard form that banks make adults who live at a mortgaged property but dont own it sign. I am guessing that she is on the deeds in which case you are stuck. Removing her name from the mortgage would mean removing it from the deeds and (depending on your current provider) possibly re-mortgaging.

Clucknorris

Ah that does make sense then, her name is on the deeds you're right.

Still though, if I'm the sole mortgage payer why would her credit score stop us from proceeding? Worst thing is the bank is also my employer

Thrugelmir

Why doesn't your partner contribute financially?

Is the mortgage affordable purely in your own name?

If your partner has credit issues. Is spending £30k on improvements a wise choice at the current time.

There is an issue for the lender that your partner has a financial interest in the property. Even if her name is removed. She could still still sit tight and be difficult to remove. If the need arose.

duchy

Would remortgaging be an option ? Obviously with a different bank.